ECONOMICS

Detailed explanation-1: -The similarities between job order cost systems and process cost systems are the product costs of materials, labor, and overhead, which are used determine the cost per unit, and the inventory values.

Detailed explanation-2: -The answer is option A. The type of product costs calculated is the same for both job order costing and process costing systems.

Detailed explanation-3: -Both manufacturing and non-manufacturing acquire a job costing process. Manufacture goods with customer specifications/demands (not for stock). Entities assess various jobs; each job has a separate cost unit.

Detailed explanation-4: -Typically, job costing includes customer billing to outline the exact cost of each step in the process of a particular job or order. In process costing, costs accumulate by each process or processing department and may not focus on the exact cost of each item in the process.

Detailed explanation-5: -The difference between job costing and process costing is that job costing is used for custom products, and process costing is used for mass-produced items that are the same or similar. Job costing tracks all direct and indirect costs for each item or project.